Financing in Scottsdale>Question Details

SZ, Home Buyer in Portland, OR

Are there any programs in Arizona offering down payment and/or closing costs assistance to first time home buyers?

Asked by SZ, Portland, OR Fri Feb 11, 2011

I'm purchasing a condo however the closing costs and down payment are somewhere around $5,000. I'm not interested in using the Arizona 1% Down Payment Home Buyers Solutions Gift Program because it essentially is taking my interest rate up and costing way more than it should. But I'm wondering if there is some program, charity, etc that is available to first time home buyers that would help or if there are other options available? I have a FHA Loan for $99,000 and credit score about 665.

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12
Bob Dickinson’s answer
Yes, there are a few programs out there for you and lately, they are constantly changing.
I would call Sandy Krestan at 602-820-5166. She is very up to date and can give you answers immediately.
1 vote Thank Flag Link Fri Feb 11, 2011
Have you spoken with a lender about this?
0 votes Thank Flag Link Wed Oct 15, 2014
Have you spoke with a lender to see what are your financial options? I know a qualified lender that can help you with those answers and also I know a qualified agent that can help you find the right property for you.
0 votes Thank Flag Link Wed Sep 24, 2014
Hi Leyla
Talk with a lender, not a real estate agent or Realtor. I recommend Paul Volpe, Vice Pres of Nova Home Loans. You can have a free conversation and find out all you want and need to know, see if you pre-qualify, and if not, he can tell you what to work on. The two of you may be able to find a program that works for you. Then you can pick from one of the Realtors (I only work Tucson and surrounding areas) or agents on here that replied and you will be set.

Best of luck to you.
Spirit Messingham
Tierra Antigua Realty
Tucson, AZ
0 votes Thank Flag Link Sat Feb 12, 2011
Good afternoon Leyla,

Yes, there are several programs for which you have to qualify if you want down payment assistance, paid closign costs, etc. I presently have one of my listing under contract with a first time homebuyer that is using those programs.

Please email me at carmelle@carmelleazhomes.com and I will email you the qualification requirements .

I hope this help.

Carmelle
602-321-4533
0 votes Thank Flag Link Fri Feb 11, 2011
Leyla,

There are options, and these options occasional change and new ones added. Some people choose a program to get into the home with little or nothing out of pocket and if the interest rate is high they plan to do a no cost re-finance once it is feasible. You have to know which lenders work with which programs as they don't all do the same ones. We can help you in finding what suits you best.

Some of the options are:

Buying a Fannie Mae Homepath home with is only 3% down and the seller will pay 3% in closing costs for you.

Any seller can pay your closing costs. Then you will just have your down payment.

Here are some links to other programs that may help:

http://phoenix.gov/residents/stabilization/nsp/index.html up to 15K to purchase in certain neighborhoods

http://www.yourwayhomeaz.com/community.aspx

There is:

NSP neighborhood stabilization program

USDA for rural areas

Arizona 1% Down Payment Home Buyers Solutions Gift Program

Grant money

There is also private money lenders that help when someone has some money for a larger down payment but cannot qualify due to credit issues.

There are other programs. You need to work with your Realtor to investigate them. If you don't have a Realtor, please don't hesitate to contact us! We would love to help you!

Best Regards,

Brenda

Brenda and Ron Cunningham
Brenda 602-980-3133
Ron 602-499-0694
Recognized in the Phoenix Business Jounal Top 50 Agents of the Valley
0 votes Thank Flag Link Fri Feb 11, 2011
Yes, several communities are offering the Neighborhood Stabilization Programs (NSP). These programs offer money (up to $15K) to purchase a home within certain neighborhoods. Phoenix just received a new round of funding.

You must qualify and use a lender that supports the program. Money for these programs disappear fast so hurry.

Check out these website:

http://phoenix.gov/residents/stabilization/nsp/index.html

http://www.yourwayhomeaz.com/community.aspx
0 votes Thank Flag Link Fri Feb 11, 2011
Leyla, this is not for your situation but I would like to use your question to make people aware that the city of Maricopa is eligible for a USDA loan program. Based on information from years ago when Maricopa was not yet the town is has become in recent years, Maricopa is technically considered a rural area. For that reason USDA loans are available for eligible buyers with zero down and sometimes closing costs can be included in the loan. Maricopa homes are beautiful and priced very low. I live and work in Maricopa. We have incredible real estate opportunities.
0 votes Thank Flag Link Fri Feb 11, 2011
There are great options out there Leyla.

Try calling Bryan and WJ Bradley 623-594-2300

There are some new ones that just came out from FHA.

Feel free to contact me direct if you have any questions.
0 votes Thank Flag Link Fri Feb 11, 2011
Leyla,
The answer is YES there is a fully responsible and legitimate program that is nationwide that will allow Buyers to purchase a home with NO downpayment and the Buyer paying NO Closing Cost. Additionally the interest rate for the 20 year fixed loan will be below the current rate for a standard loan. I have many First Time Home Buyers in this program. Please contact me right away and I can speak with you direct about this program. Thank you. Richard Troxell, RE/MAX Excalibur Realty (480) 346-5320 or rktconsult@cox.net
0 votes Thank Flag Link Fri Feb 11, 2011
If you are looking at a Fannie owned home, you can get them to pay up to 3% towards your closing costs and you are only reuired to pay a 3% down payment. This is all done through Homepath. I know the City of Chandler is doing some things for first time buyers also. If youare interested in either of those, I can email you infoon both of those programs.

Jason E Whaley,GRI,SFR,CDRS,ePro
RE/MAZ Homes & Investments
Web Reference: http://www.SearchAZmls.com
0 votes Thank Flag Link Fri Feb 11, 2011
Simple answer no: Charities then entire country would be lined up for this.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 11, 2011
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